TANZANIA INVESTMENT CENTRE (TIC) or (Centre)

The Tanzania Investment Centre (TIC) is a One Stop Agency of the Government of Tanzania established under the Tanzania Investment Act, No. 26 of 1997 to promote, co-ordinate and facilitate investment into Tanzania.

The Centre deals with all enterprises whose minimum capital investment is not less than US $ 300,000 if foreign owned or US $ 100,000 if locally owned. Enterprises engaged in Mining, and Petroleum, shall follow the approval process contained in their respective laws. But the Centre shall assist all investors to obtain permits, authorisation etc. required by other laws to set up and operate investment in Tanzania.

FunctionsAmong the functions of the Centre are:

to initiate and support measures that will enhance the investment climate in the country for both local and foreign investors

to collect, collate, analyse and disseminate information about investment opportunities and sources of investment capital, and advise investors upon request on the availability, choice or suitability of partners in joint-venture projects

to identify investment sites, estates or land together with associated facilities of any sites, estates or land for the purposes of investors and investments in general

to assist all investors, including those who are not bound by the provisions of the Tanzania Investment Act, 1997, to obtain all necessary permits, licences, approvals, consents, authorizations, registrations and other matters required by law for a person to set up and operate an investment; and to enable certificates issued by the Centre to he fully effective

to provide, develop, construct, alter, adapt, maintain and administer investment sites, estates or land together with associated facilities of those sites, estates, land and subject to relevant laws, the creation and management of export processing zones

to provide and disseminate up-to-date information on benefits or incentives available to investors

to carry out and support local investment promotion activities which are necessary in encouraging and facilitating increased local investments, including entrepreneurial development programmes

Law firms in Dar-es-Salaam do facilitate investors' application to the Tanzania Investment Centre.

Administration of the Centre

The Centre is administered by a 7-member Board of Directors representing both the private and public sectors. The Centre is headed by an Executive Director who is the Chief Executive.

Tanzania Investment Centre as a One Stop Centre

The Centre is the focal point for all investors and performs all liaison work for the investor from enquiries right up to project start up. All government departments and agencies are required by law to cooperate fully with TIC in facilitating investors.

Certificates of Incentives and Registration of investors

Investors in new, rehabilitation/expansion of existing enterprises and equity investment are required to provide the following information:

the name and address for the proposed business enterprise, its legal form, its bankers the name and address of each director or partner and the name, address, nationality and shareholding of each shareholder

the qualifications, experience and other relevant particulars of the project management

the nature of the proposed business activity and the proposed location where that activity is to he carried on

the proposed capital structure or the amount of investment and the projected growth over the next five years

how the investment will he financed

evidence of sufficient capital available for investment

an undertaking that the project shall he implemented as indicated in the projections of the project

a statement of audited accounts for the three years proceeding rehabilitation & expansion of the enterprises

constitution of the enterprise or partnership agreement for equity investments

amount of equity investment made

ASSISTANCE IN ESTABLISHMENT OF ENTERPRISES

The Centre shall assist investors to incorporate or register enterprises by undertaking the following:

incorporation or registration of enterprises

the filing of Tax Forms

completing investment registration and Immigration Forms

facilitating obtaining by investors of the necessary licences, approvals, facilities or services

Where the relevant papers submitted to the Centre are in order, the Centre shall complete processing the application within fourteen working days.

Investment Guarantees and Settlement of Disputes

Investments in Tanzania are guaranteed against nationalisation and expropriation. Tanzania is a member of both the International Centre for the Settlement of Investment Disputes and Multilateral Investment Guarantee Agency (MIGA). Any disputes arising between the Government and investors shall be settled amicably through negotiations or may be submitted for arbitration before the above international organs.

Transfer of Capital and Profits

Regulations permit unconditional transferability through any authorised bank in freely convertible currency of net profits, repayment of foreign loans, royalities, fees, charges in respect of foreign technology, remittance of proceeds and payment of emoluments and other benefits to foreign employees working in Tanzania.

Obtaining Credits from domestic sources by foreign investors

Any foreign business operating in Tanzania may obtain credit from domestic financial institutions up to the limits established by the Bank of Tanzania.

Transfer of Technology Agreements

There are no restrictions in enterprises entering into technology transfers. But every Agreement for transfer of technology must be registered with the Centre (TIC) as soon as concluded.